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《大行報告》花旗降楓葉教育(01317.HK)目標價至2.8元評級「沽售」
阿思達克 07-10 10:38

花旗發表研究報告指,國務院宣布關於深化教育教學改革全面提高義務教育質量的意見後,留意到兩個對楓葉教育(01317.HK)的重要影響,包括:義務教育學校不得引進境外課程及使用境外教材,以及私立義務教育學校學生招聘,將由地區政府管理同時亦會與公立學校同步進行。

報告指,禁止境外課程及教材,對於楓葉教育的義務教育營運有負面影響,而失去了獨立學生的招聘權,亦不利其擴大所有K12學校經營者。現時難以將基本面數量化,但義務教育佔楓葉教育2019年度上半年收入高達約45%。

該行更指出,自公布新政策後,已對楓葉教育展開30日的負面催化劑觀察期,並將其2019年、2020年及2021年盈利預測調低7%、7%及5%,達到6.5億元人民幣、7.89億元人民幣及9.41億元人民幣。同時,將楓業教育目標價由3.3元降至2.8元,重申評級「沽售」。

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